Idemnify | FORECLOSURE FRAUD | by DinSFLA

Tag Archive | "idemnify"

BAC Settlement and Fannie’s Recent Announcement Prohibiting Servicers From Settling with Mortgage Insurers

BAC Settlement and Fannie’s Recent Announcement Prohibiting Servicers From Settling with Mortgage Insurers


Question:

Did Fannie Mae issue the recent announcement [see below] prohibiting servicers from settling reps and warranties claims with Mortgage insurers specifically because BAC /Countrywide just settled with one of their big insurers AND took back 80% of the loss.

From SeekingAlpha-

The cash settlement of $1.1 billion will be paid in full by March 31, 2012. The initial payment of $850 million was paid on April 14, 2011. In addition, Bank of America and Countrywide have agreed to a reinsurance arrangement that will reimburse Assured Guaranty for 80% of all paid losses on the 21 first lien RMBS transactions until aggregate collateral losses in those transactions exceed $6.6 billion. Cumulative collateral losses on these transactions were approximately $1.3 billion with no paid losses by Assured Guaranty as of December 31, 2010. As of December 31, 2010, Assured Guaranty’s gross economic loss on these RMBS transactions, which assumes cumulative projected collateral losses of $4.6 billion, was $490 million. The total estimated value of the settlement is expected to be accretive to shareholders’ equity and adjusted book value, a non-GAAP financial measure.

Now lets see… Could BAC possibly pass the losses on to the govt. for the Fannie and Freddie guaranteed securities and is this why Fannie is trying to put her foot down with this letter below and say that the servicers do NOT have the authority to make such deals with the insurers, causing the GSE’s to eat the losses that the servicers are blithely bargaining away.

Meanwhile the deal has already been struck and partially paid. Will taxpayers be on the hook for yet another disastrous toxic originating love story?

Did BAC breach any fiduciary responsibilities with Fannie?

[ipaper docId=53095767 access_key=key-1wd6kmoow89ycd06lprq height=600 width=600 /]

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (0)

ANNOUNCEMENT | Fannie Mae Prohibits Loss Sharing, Indemnification, and Settlement Agreements Between Servicers and Mortgage Insurers

ANNOUNCEMENT | Fannie Mae Prohibits Loss Sharing, Indemnification, and Settlement Agreements Between Servicers and Mortgage Insurers


Effective immediately, Fannie Mae is prohibiting servicers from entering into any agreement that modifies the terms of an approved mortgage insurance master policy on loans delivered to Fannie Mae. Prohibited agreements include, but are not limited to, agreements that directly or indirectly

  • modify master policy provisions for settling of claims,
  • limit the right of a mortgage insurer to conduct file reviews or investigate claims,
  • limit the right of a mortgage insurer to rescind coverage,
  • rescind or modify coverage, or
  • restrict notice to Fannie Mae of changes in coverage status.

Further, Fannie Mae prohibits loss sharing, indemnification, settlement or similar agreements of any kind between servicers and mortgage insurance companies that affect Fannie Mae’s interest in its mortgage loans.

[ipaper docId=53095767 access_key=key-1wd6kmoow89ycd06lprq height=600 width=600 /]

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (0)

FORECLOSURE| MBS FRAUD 101…MBS investors calling lawyers!

FORECLOSURE| MBS FRAUD 101…MBS investors calling lawyers!


“Years before they can get clear title and actually sell em”

“You guys in the MEDIA have a real tough time…your looking for events, your trying to cover the news minute by minute…”

“THIS IS CANCER”

“There are a lot of investors out there who don’t know what they own… they may own unsecured loans….. trustees that were supposed to do things under state law (and didn’t)… even Fannie and Freddie have issues with this.”

“This is not minutia…this is the Letter of the Law”

“Most securities issues in the United States are governed by New York law”

“Dealer has to deliver to the trustee the notes, that evidence the obligation”

“Trustees have the least duties”

“You have to indemnify them”

Christopher Whalen, managing director of Institutional Risk Analytics, talks with Bloomberg’s Mark Crumpton about the impact of U.S. mortgage foreclosures on banks and the housing market and the outlook for the economy.

Whalen is author of the book “Inflated: How Money and Debt Built the American Dream.” (Source: Bloomberg)

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (1)


GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
Chip Parker, www.jaxlawcenter.com
Kenneth Eric Trent, www.ForeclosureDestroyer.com
Advertise your business on StopForeclosureFraud.com

Archives